Create a new Owner record and assign it to an Owned Area in RMS.

Use this procedure when a property changes ownership or a new Area is added to Owner Accounting, so income accrues to the correct Owner from the settlement date. Creating a new Owner has two parts: setting up the Owner's guest record, then attaching an Owner Contract to the Area.

Prerequisites

• Access to Owner Accounting for the property.
• The Owner's banking details, ready to enter before the Owner Contract is created.
• The actual settlement date for the change of ownership (this becomes the Owner Contract's From Date and cannot be changed once saved).

Step 1: Create the Owner record

In the side menu of RMS, go to Reservations > Guest Search

1. Select 'Add'.
2. Set the Guest Type to 'Owner'.
3. Select a Property.
4. Enter the Owner's contact details.
5. (Optional) Enter an Online Password to enable the Owner to log in to the Owner Portal.
6. Select 'Save'.
7. Navigate to the 'Banking' tab.
   

   

   
    
8. Select 'Add' and enter the Owner's bank details.
9. Select the 'Pay Owner By' option.
10. Select 'Save/Exit'.
    

    

    
     

Step 2: Apply the Owner to the Area

Once the Owner record exists, attach it to the Owner Contract on the Owned Area so income accrues to the correct Owner from the settlement date.

In the side menu of RMS, go to Setup > Category/Area.

1. Select the 'Edit' icon on the Category containing the Area.
2. Navigate to the Area menu
3. Highlight the Area, and select 'Edit'.
   

   

   
    
4. Navigate to the 'Owner Accounting' menu
5. Proceed to the 'Owners' tab.
6. Check the 'Print Statements' box.
7. Select 'Add'.
   

   

   
    
8. Select 'OK' to proceed.
   

   

   
    
9. Select a Contract Type. 
10. (Optional) Enter the Guaranteed Amount or Minimum Amount if the contract is not Standard.
11. Set the From Date to the actual settlement date.
12. Adjust the To Date to 100 years after the From Date.
13. (Optional) Select a Lease Renewal Date.
14. Select the Primary Owner, using the record created in Step 1.
15. (Optional) Select the Owner's Banking Details.
16. Select the Owner Statement Email option.
17. Select 'Save/Exit'.
    

    

    
     

Step 3: Check for reservations crossing the settlement date

The Owner Contract cannot take effect correctly if a reservation's stay dates cross the settlement date, because the charges on that reservation would otherwise be split unevenly between the old and new Owner.

1. Open the Booking Chart and review any reservation on the Area with stay dates either side of the settlement date.
2. Split the reservation into two separate reservations at the settlement date, so each Owner receives income only for their period of ownership.

Step 4: Review future charges

After the new Owner Contract is saved, confirm that charges dated after the settlement date are allocating income to the new Owner rather than the previous one.

In the side menu of RMS, go to Owner Accounting > EOM Expenses and locate the EOM Expense record for the Area's contract.

1. Check the Effective To date on the record. If it has expired, extend it so the expense continues to apply.
2. Use the Active/Inactive filter to check the record's status. A record can show Inactive while still displaying a future Effective To date, which does not mean it is applying. Confirm the record for the new Owner's contract is set to Active.
3. Open each affected booking and check the Owner Audit Trail to confirm income is being allocated to the new Owner.
4. Check the Owner Statements for the new Owner as further verification that income is being recorded correctly.

Related Articles

• Owner profiles
• Set up a new owned area
• Record a change of ownership
• User Access to Owner Contracts